IT Infrastructure

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JPMorgan Chase has named James Ferguson as new head of global alternative investment services, according to the Wall Street Journal, which first reported the news. In heading the unit, which provides...

JPMorgan Chase plans to cut hundreds of branches, shed $100 billion in deposits, and rationalize technology and operations in its investment bank as part of a comprehensive plan to streamline the company. The measures, unveiled at the bank's Investor Day presentation this week, may bolster its argument that it can be more efficient and profitable as one company rather than split up as some analysts have suggested.

While most mortgage lenders have an online presence and numerous sites exist to aggregate mortgage quotes, a San Francisco-based startup is looking to take a different approach to online mortgages. Launched in October 2013, Lenda is working to automate all the annoying manual paper processes that occur along the way in getting a mortgage, right up until loan signing.

Factoring is now a more than $3 trillion global industry according to Factors Chain International, but a San Francisco company has been pushing international adoption of a different short-term financing model for small businesses.

In the U.S., community banks and a growing number of credit unions will continue to dominate the core banking technology replacement projects, though vendors might see a slight uptick from mid-sized and larger firms, according to a recent Aite Group study. Meanwhile vendors may want to look across the Pacific for business as financial firms in the Asia-Pacific region indicate the greatest likelihood of replacing core systems over the next few years.

As a potential partner to provide financing for U.S. manufacturers looking to buy parts and supplies through Alibaba Group Holdings' online marketplaces, Lending Club Corp. offered advantages in speed and cost.

IBM unveiled the z13, this week, a mainframe that the company says is the most powerful ever built. With the ability to deliver real-time encryption on billions of mobile transactions a day, IBM says the system was designed for the mobile economy.

International payments and communications cooperative SWIFT announced that it is planning a restructuring of its IT and operations division with the addition of two new executive level appointments. Previously IT and operations were both overseen by the CIO, but they will each have their own division under the reorganization.

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